5 Most Profitable Lithium Stocks Now

3. Rio Tinto Group (NYSE:RIO)

Latest TTM Net Income: $8.59 billion

Number of Hedge Fund Holders: 27

Rio Tinto Group (NYSE:RIO) is one of the largest diversified mining companies globally, committed to exploring, mining, and processing a wide range of mineral resources. The company’s extensive portfolio includes minerals such as lithium, aluminum, copper, iron ore, diamonds, gold, borates, titanium dioxide, salt, silver, and molybdenum.

In October 2023, UBS adjusted its rating on Rio Tinto Group (NYSE:RIO), upgrading the shares from Sell to Neutral. The analysis highlighted the potential stabilization of iron ore prices within the $100 to $130 per tonne range over the next six months. This stability is anticipated to position Rio Tinto Group (NYSE:RIO) to offer attractive dividends to investors, with UBS estimating a dividend yield of 7% for the stock.

In the September quarter of 2023, among the 910 hedge funds monitored by Insider Monkey, 27 initiated positions in the company’s shares. Fisher Asset Management, led by Ken Fisher, emerged as the largest hedge fund investor in Rio Tinto Group (NYSE:RIO) with a significant stake valued at $990 million.